Cadan Provides Project Update and Announces Resumption of Trading

Vancouver, BC / TheNewswire / October 29, 2015 - Cadan Resources Corp. (TSXV: CXD) ("Cadan" or the "Company") is pleased to provide an update on ongoing activities at the T'Boli project, located on the island of Mindanao in the Philippines.

Since July of 2015, Cadan has completed the following financing transactions:

• ??$3,685,601 private placement whereby 73,712,020 units were issued at $0.05 per unit ("Unit"). Each Unit consisted of a share and warrant, with the warrant exercisable at $0.10 to acquire a further share for 12 months.

• ??$2,539,588 of debt was settled by agreements to issue 50,791,760 Units at $0.05 per Unit, of which 24,796,200 Units have been issued, with the balance to be issued upon TSXV approval.

• ??$2,402,432 of convertible debt was refinanced through the issuance of new convertible debt consisting of $809,506 convertible notes convertible into common shares at $0.12 per share until December 1, 2015 and $1,592,726 convertible notes convertible into common shares of the Company at a price of $0.10 per share until December 1, 2016. Holders of these notes also received 6,745,884 warrants exercisable to acquire a common share of the Company at $0.12 per share until December 1, 2016, and 15,927,260 warrants exercisable to acquire common shares of the Company at $0.10 per share until July 1, 2017, respectively.

The financing transactions were achieved in part through discussions with two cornerstone investors and existing creditors which laid out a plan to address the underperformance on the T'Boli mining and milling operations and to deal with Cadan's balance sheet, with the primary focus on raising new equity. From receipt of the Declaration of Mining Project Feasibility in 2012 to September 2014, the T'Boli mine and mill processed a total of 17,460 tons of material, resulting in the production of 80,065 grams of gold at an average grade of 4.59 grams per ton. Total sales to date from production were approximately $3.4 million. Mining operations were suspended and the mine allowed to flood in June of 2014 and the mill stopped processing in September due to lack of funding for required upgrades to the mine, mill and related facilities.

With the financings described above in place, Cadan has implemented the following steps towards the resumption of operations at the T'Boli mine and mill:

- The T'Boli workforce was reduced to a skeleton crew and a consultant mining group CADS were appointed to complete a review of the metallurgy, geology, survey and the mine plan, including a complete operational review.

- The revised mine plan which included the decision to contract mine the T'Boli operation to reduce the costs and risks. This resulted in the appointment of a mining contractor to manage the underground mine development and has resulted in re-establishing access to the underground mine.

- Conducted a complete review of the geological and mine plan, which includes reviewing and converting all data into electronic form and building an electronically accessible geological database.

- Appointed Hexat Mining Corporation to overhaul and re-commission the mill. Hexat built the original plant and given their operational experience, have also been engaged to contract manage the plant for the first 6 months of operations with an option agreed by both parties to extend. The mill is expected to recommence operations in early November 2015 and is budgeted to ramp up to design capacity of 200 tonnes per day.

- A new fully compliant tailings dam, with capacity for six to eight months, has been completed and work has started on a second tailings dam which will provide additional capacity of eighteen months to two years.

- Stage 1 will see the plant process medium grade stockpiles for the first 3 to 4 months. The Tailings pond and low grade stockpiles were surveyed and sampled to determine their practicability as a start-up feed for the mill, they will provide additional feed on an as required basis to supplement feed from the mine as it ramps up production over the first 8 months.

- Meetings were held with Tribal Council Elders and land owners to ensure their continued cooperation.

- Commenced the refurbishment of the mine site infrastructure including maintenance workshops, offices and surrounding mine site area.

- Reached agreement with trade creditors and made payments resulting from those agreements.

The two year plan for the T'Boli operations begins with re-commissioning of the mill in mid-November with the mill operating at the designed capacity of 200 tonnes per day. For the first 8 months, the mill will process existing low-grade stockpiles, tailings and when available, production ores from the mine while it is refurbished. From the existing plan it is anticipated the mine should be operating at design (200tpd) by June 2016. The current cash balance plus funds from metal sales during the initial six months is expected to provide adequate cash to fund the T'Boli operation in the first 8 months. However Cadan is investigating a short term small working capital facility and as announced on October 8, 2015, is proposing to raise up to an additional $2,000,000 at $0.05 per Unit to cover any shortfall, continue with the recommencement of mining at its T'Boli mine and for general working capital. The restart of the mine involves a number of risks which could cause actual production rates of the mill and metal sales to fall short of the anticipated and projected results, and there is no guarantee that such results will be achieved.

Long-term planning includes the potential to further expand production capacity of the plant and mine if the operation has successfully achieved commercial production of 200tpd.

Batoto and Agusan Projects

Cadan also holds interests in the Batoto gold-copper project and the Agusan project, both located in the Philippines. The Batoto project is currently on care and maintenance due to the focus on the T'Boli project. Cadan has a minority interest in the Agusan project, with Metallum Limited of Australia holding the majority interest. Metallum and Cadan are discussing next steps at the Agusan project. Information on these projects is available on Cadan's website at www.cadanresources.com.

Reinstatement of Trading

Trading in the Company shares on the TSX Venture Exchange are expected to resume trading early in the week of November 2, 2015. The exact date on which trading will resume will be contained in a bulletin to be issued by the TSXV prior to the resumption date.

Statements Regarding Technical Information:

Technical information in this news release was approved by Howard Lahty, Ph.D, P.Geo, a qualified person as defined in Canadian National Instrument 43-101, and a consultant to the Company.

The Company advises that there are no known mineral reserves, as that term is used in NI 43-101, on any of its mineral properties and as a result the economic viability of the properties has not been demonstrated. The Company's decision to restart mining operations at the T'Boli mine was not based on the results of a pre-feasibility or feasibility study of mineral reserves prepared in accordance with NI 43-101 demonstrating economic and technical viability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions. These risks, among others, include areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts.

Contact Details

Peter Main

Interim President and CEO

PeterM@CadanResources.com

For further information visit our website at www.CadanResources.com; email us at info@CadanResources.com

Phone: 778-370-1372 Fax: 604-608-5442

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements: Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, assumptions or intentions regarding the future, including but not limited to that the company will be successful at raising sufficient capital to maintain and enhance operations at the T'Boli mine, that ongoing negotiations will be successful to refinance existing convertible debt and other statements contained in this press release. Such forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Particular risks applicable to this press release include risks associated with ongoing and planned exploration and production programs, including the ability to complete the programs as planned, the results being sufficient to confirm or expand resources on the property, or the ability to convert resources into reserves. There is no guarantee that exploration or production will result in an economically viable project due to these and numerous other risks and uncertainties normally associated with production stage mining projects. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Readers are cautioned not to rely on forward looking information as a result. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through www.CadanResources.com or the Company's page on SEDAR at http://www.sedar.com .

Copyright (c) 2015 TheNewswire - All rights reserved.